$5.4bn mistakenly transferred by German state bank to other financial institutions

Publicerat av Tony Harkén
måndag, 27 mars 2017.

State-owned German development bank KfW mistakenly transferred billions of euros to four other banks due to a “configuration mistake” made by an “experienced programmer,” according to media reports.

The incident took place in late February, when Kreditanstalt für Wiederaufbau (KfW) erroneously transferred around €5 billion ($5.4 billion) to four other financial institutions, Bloomberg reported.

The bank mistakenly transferred the hefty sum due to a “human error owing to a configuration mistake,” according to a statement from the bank, emailed to Bloomberg. The amount of mistakenly allocated funds might even be as high as €6 billion, according to an unnamed person familiar with the situation, cited by Bloomberg.